The professionals in the legal industry in the United Kingdom have collaborated to handle the increasing demand for legal services around cryptocurrency disputes. The community named CFAAR – Crypto Fraud and Asset Recovery Community consists of forensic accountants, barristers, lawyers, asset recovery experts, and corporate intelligence.
Altogether, the partnership aims at sharing and developing best practices to handle disputes around the crypto market. The highlight of the group is centered around the common law jurisdictions in the United Kingdom and presenting it to a global audience. The goal ultimately is to resolve disputes around the crypto space.
In the announcement, the group mentioned the concern around the increase in fraud relating to cryptocurrency including ICOs, ransomware attacks, and theft as catalysts for increasing the awareness of the legal industry.
The founding members of the group include the practitioners in the UK who handled some of the pioneer cases in the English courts. Other members of the group include active advocates for ways to handle international crypto fraud investigations and assets recovery.
So far, the group has well-equipped professionals in the ecosystem though it is open to other professionals globally in the crypto space. There are intentions to organized meetups, conferences, lectures, and other social gatherings to foster an action-taking community. The founders hope to be an independent and authoritative voice in crypto law.
Understanding Crypto Regulations
The establishment of this group came as crypto regulations became the trending subject on the table of the known regulators globally. Particularly in the United Kingdom, regulatory agencies are working actively to get ways to control the crypto space.
Earlier in the year, the United Kingdom released series of guidelines for cryptocurrency taxation. The regulations from these regulators in the UK have their diversity from more than one area and now include regulations around crypto mining operations.
Recently, there is an increase in the number of firms related to the crypto space that withdrew their applications from the regulators in the United Kingdom though there are still investors showing interest in the space.
The US lawmakers, on the other hand, are already preparing a bill that could destroy the operations with the crypto space. With all these, there is a need more than ever to understand crypto dispute resolutions, proposed laws, and consumer rights.